valid as on 24/06/2024

W.e.f., 01.12.2019

1.7.13 The Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019

13. Notice of dividend.―

(1) The notice of dividend as per clause (a) of sub-section (1) of section 176 shall contain the following particulars: ―

(a) the date on which the dividend is proposed to be distributed;

(b) the list of creditors who shall be entitled to a dividend;

(c) the amount of dividend for each creditor under clause (b);

(d) request for any details required from the creditors for the distribution of dividend, and the last date for receipt of such information;

(e) the last date by which the creditors must establish their claim against the estate with the bankruptcy trustee; and

(f) a statement confirming that no further dividends shall be declared.

(2) The notice under clause (b) of sub-section (1) of section 176 shall provide the reasons for not declaring dividend.

(3) The notice of dividend under sub-section (1) section 176 shall be sent thirty days prior to the date specified for the distribution of dividend.

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